Getting ways to earn easy money can be tricky and tiresome. Many choose to trade on stocks yet there is a list of endless stocks to watch and lots of charts to analyze. When the market opened you can only hope that you are watching the right stocks. There was no guidance whatsoever or anyone to impart knowledge on stocks. That was back in the day when there was no advancement in technology. In the present, we have tools called stock scanners and stock screeners.
A stick scanner is a software that goes through a lot of stocks at a time to filter out the criteria that you desire. You can choose what criteria you would like and according to preferences, you can ask the scanner to show you stocks that are making all-time high returns or those that are trading on above-average volumes or simply anything else you would like to see.
If it were not for the scanners, you would be forced to go through a long list of stocks trying to find what you want, this method is torture and very tedious. Stock scanners were created so as to give you an easy time trading by letting you select what you want.
There are stock screeners and stock scanners, both do the same work but are different. The terms are used interchangeably to mean the same thing in the trading world but in fact, they mean the same thing. Stock screeners were developed in the early stages of internet development and they weren’t complicated. They are low tech and have basic screening options such as stock being beyond trading average. They are mostly used for long term trading strategies. On the other hand stock scanners were developed more recently and it is highly sophisticated software that is connected to a data feed, it scans for trading opportunities in real-time. It has a never-ending option filter that can come in handy even for beginners.
There are a lot of stock scanners out there on the internet, there’s no sure way to completely say which is the best as choosing a stock scanner lies perfectly on preference. It all depends on what you would like or the job you would like your scanner to perform, preferences like trading strategy, budget, market access requirements, technological needs, and trading style will influence your decision on what type of stock scanner to use.
There are various types of stock scanners out there on the internet, some you can have them on your desktop or laptop, some you have to pay a premium to access others are free of charge. Here is a list of various stock scanners available on the internet:
● Fundamental Stock Scanner
These are for stock analysts that use fundamental analysis. It involves using information related to a company’s commercial activities like metrics and ratios.
● Technical stock scanners
Traders that scan for technical ld, set their scanners to look for certain price action, technical indicators, trading volume, chart patterns. They search for technical data on stocks.
● Post Market Stock Scanners
these scanners check for stock activity after the market has closed
● Intraday Stock Scanners
This software looks at real-time information on stocks while the market is open.